The ACO's revised LMP2 cost-cap framework imposed a ceiling of €75,000 on the engine and set a target car price between €325,000 and €400,000 complete. Lola was the first constructor to fully embrace these regulations and positioned the B11/40 as a multi-engine platform. Approved power sources included units from BMW, Ford, HPD (Honda), Jaguar, Judd, Nissan, and Toyota. The B11/40 was evolved from Lola's earlier B05/40 LMP2 programme, giving teams access to a product with an established endurance competition pedigree.
The B11/40 is built on a carbon-fibre monocoque chassis with all-carbon bodywork. Front and rear suspension uses double wishbone geometry with push-rod-actuated coil springs over dampers. A stabilisation fin on the engine cover was mandated by the new regulations as a safety requirement. The gearbox is a Lola HT 6-speed sequential manual unit. Minimum weight is 900 kg.
The two engine configurations most commonly raced were the Judd-BMW HK 3.6-litre V8 — a naturally aspirated 90-degree unit — and the HPD HR28TT 2.8-litre V6 twin-turbocharged. Both were mounted mid-engined in longitudinal orientation. Tyre suppliers across the car's competition life included Michelin, Dunlop, and Continental.
The B11/40 was fielded primarily by three teams across its operational years.
Level 5 Motorsports of the United States ran the car in the American Le Mans Series with the HPD HR28TT engine. Their debut at the 2011 12 Hours of Sebring — the B11/40's first race — produced a 20th-place overall finish and first in LMP2, driven by Ryan Hunter-Reay and Luis Díaz. The car won its LMP2 class again at the Road America 4 Hours in August 2011, with Scott Tucker, Luis Díaz, and Christophe Bouchut sharing driving duties.
Pecom Racing of Argentina ran the Judd-BMW-engined variant in the Le Mans Series. Pierre Kaffer, Matías Russo, and Luís Pérez Companc were the regular crew. Their LMS campaign took in events at Paul Ricard, Spa-Francorchamps, Imola, Silverstone, and Estoril during 2011, though the car did not finish at several rounds including Spa and Silverstone. Pecom also entered the 2011 24 Hours of Le Mans, where the car again did not finish.
DKR Engineering later acquired the Pecom car and ran it in 2013, entering both the 6 Hours of Silverstone — where Olivier Porta, Romain Brandela, and Stéphane Raffin finished 15th — and the 2013 24 Hours of Le Mans, where the same trio took a 38th-place overall finish in the car's final race.
Across its full competition life the B11/40 recorded 12 race starts, 2 wins, 1 pole position, and 1 fastest lap.
The B11/40 arrived at a moment of structural tension in sportscar racing. The ACO was pushing cost-control measures that were pulling the LMP2 class away from open constructor competition toward a homologated single-supplier model — the direction that would eventually produce the Oreca 07-dominated era. Lola Cars International itself went into administration in 2012, bringing an end to more than fifty years as one of the most prolific racing car manufacturers in history. The B11/40 stands as one of the final cars from the Lola marque's sports prototype line, representing both the brand's commitment to serving privateer teams and the limits of the open-constructor approach under tightening budget regulations.